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7/11/2016 - Berkadia Completes $12.5 Million Sale of Arizona Multifamily Property
Berkadia today announced the recent $12.5 million sale of Superstition Villas, a multifamily property located in Mesa, Arizona. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office facilitated the transaction, which closed on July 1. The seller was Arizona-based MRI Saddlehorn Superstition Investment Fund, LLC. The buyer from Nevada, Omni Capital, LLC, plans to reposition the property. “This is a rare sale as most transactions in the current market are stabilized or partially rehabbed assets,” said Holway. “The buyer intends to make significant improvements to the property’s units and amenities, which will not only increase their potential return on investment, but also help augment Superstition Villas’ renter appeal.” Built in 1981, the 249-unit property includes one- and two-bedroom floor plans with air conditioning, kitchens with wet bars, walk-in closets and balcony or patio. Community amenities include a laundry facility, a pool, a clubhouse and a barbeque area. Located at 2055 E. Hampton Ave., Superstition Villas affords convenient access to U.S. Route 60 and is within close proximity to the Phoenix-Mesa Gateway Airport. ? [Commercial Executive Magazine]

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